General

Customs data shows that in February 2023, Germany's export volume increased by 4.0% month on month to 136.7 billion euros, which is the largest month on month increase since April 2022.

Customs data shows that Germany's import volume increased by 4.6% month on month to 120.7 billion euros, with a foreign trade surplus of 16 billion euros.

According to customs data, Germany's exports to EU member states in February increased by 2.0% month on month to 73.9 billion euros, while imports increased by 5.1% month on month to 62.8 billion euros; Customs data shows that exports to non EU countries increased by 6.6% month on month to 62.8 billion euros, while imports increased by 4.0% month on month to 57.9 billion euros.

Germany's exports to the United States were the highest in February, with a month on month increase of 9.4% to 14 billion euros, and exports to China increased by 10.2% to 8.5 billion euros; Germany had the highest import volume from China that month, with a month on month increase of 6.7% to 13.6 billion euros, and a month on month decrease of 8.7% to 7.6 billion euros from the United States. Customs data shows that Germany's exports to Russia in February decreased by 14.3% month on month to 900 million euros, while imports decreased by 67.2% month on month to 300 million euros.

Thomas Gitzel, Chief Economist of VP Bank, pointed out that Germany's export growth benefited from improved supply chain conditions and the opening up of the Chinese economy. Foreign trade can to some extent compensate for weak private consumption and the sluggish construction industry.